BlackRock Seeks SEC Approval for Tokenized Money Market Funds

BlackRock has filed two applications with the U.S. Securities and Exchange Commission to expand its tokenized money market offerings, including an Ethereum-based share class tied to a nearly $7 billion liquidity fund and a separate treasury-backed reserve vehicle intended to serve stablecoin-related needs.

In the filings, the asset manager proposed tokenized shares that would represent ownership records on public blockchain networks. One application would add a tokenized share class to the BlackRock Select Treasury-Based Liquidity Fund (BSTBL). BSTBL is a traditional institutional money market vehicle invested in short-term U.S. Treasury instruments, and the proposed tokenized class would use Ethereum to represent ownership through ERC20 tokens. According to the filing details, BNY Mellon Investment Servicing would maintain the fund’s official share register onchain.

The second application would create the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), a treasury-backed money market fund designed to hold cash, short-term U.S. Treasuries, and overnight government-secured repurchase agreements. The product is described as being structured for deployment across...